A focus on affordability and speakers like the HomePod Mini could see the smart speaker market grow 20% by 2025.
According to Counterpoint investigation:
Smart speakers have gained prominence in recent years due to the rapid growth of the smart home market. A smart speaker is defined as a speaker that is Wi-Fi enabled, offers interactive functions through voice commands, and acts as a control center for a smart home. The first smart speaker was the Echo, launched by Amazon in November 2014. It quickly became popular in the US Smart speakers started to take off in China in 2018.
According to Counterpoint estimates, global smart speaker shipments are expected to grow at a CAGR of 21% over the period 2020-2025, driven by increased consumer awareness, competitive offerings and technological advancements. .
Counterpoint says the main drivers for this will be the proliferation of smart home products like smart TVs and home automation products like smart lights, locks, cameras, and kitchen appliances, many of which thrive when controlled by a smart speaker. serving as a hub.
Other factors include the development of better artificial intelligence and machine learning, and the entry of “internet giants” like Google, Amazon and, of course, Apple. Another big factor is the focus on affordability, and Counterpoint notes that Apple has dropped its large HomePod in favor of the smaller, cheaper HomePod mini.
The growth of smart speakers with a screen is also expected to be a factor, which is interesting because Apple is rumored to be working on a HomePod with a screen.